iPhone Sales Dropped 15% from the Prior Year, Reports $84.3B Revenue-Apple Says

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Apple has announced today the financial results for Q1 2019, which ended on December 29, 2018, reporting the quarterly revenue from iPhone, iPad, iPod, Mac, Apple TV, services, and wearables sales.

In a press release, the tech giant reports a quarterly revenue of $84.3 billion for its fiscal 2019 first quarter, which declined with 5 percent from the year-ago quarter, and quarterly earnings per diluted share of $4.18, which are up 7.5 percent compared to the prior year. Apple says that 62 percent of the revenue from Q1 2019 are accounted from International sales.

The decline in revenue is as a result of low demand for iPhone devices, as Apple reports that the iPhone sales dropped 15 percent from the prior year, despite the company's efforts to bring more versatile and powerful devices to the already saturated mobile phone market with the iPhone XS, iPhone XS Max, and iPhone XR, which were released in September 2018.

"While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter’s results demonstrate that the underlying strength of our business runs deep and wide," said Tim Cook, Apple’s CEO. "Our active installed base of devices reached an all-time high of 1.4 billion in the first quarter, growing in each of our geographic segments."